New York, NY, June 23, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced the company released a management update providing the latest progress on the company's business development initiatives. iQSTEL remains on track to reach or surpass its 2022 net income positive, $90 million revenue forecast. The company also continues to prepare for an up-listing to Nasdaq.
Business Development Initiatives Progress Update:
- Whisl and Smartbiz acquisitions are complete and the operations are being integrated into the IQSTelecom brand the same way the ITW acquisition was integrated previously in May.
- Whisl and Smartbiz combined are anticipated to add $11.6 million in annual revenue and $1.34 million in positive net income.
- Organic sales growth combined with revenues acquired through merger and acquisition keep iQSTEL on track to reach or surpass its 2022 $90 million revenue forecast.
- The addition of higher margin sales and the systematic streamlining of existing operations continues to improve the bottom line keeping the company on track to be net income positive by year end 2022.
- Beginning in 2023, management anticipates iQSTEL to continuously deliver earnings.
- The company remains prepared to execute its Nasdaq up-listing plan once market conditions improve to permit the iQSTEL share price to organically increase to the required minimum listing price.
- iQSTEL's previously announced IoT Labs (Internet of Things Business) field test with a prominent Fortune 500 chemical company is proceeding and a new business development in the ongoing project is imminently anticipated.
- iQSTEL's Global Money One (Fintech Business Line) continues to grow with new partnerships beyond the Cooitza Guatemala Co-operative under development.
- iQSTEL's EVOSS EV Motorcycle business now has motorcycles in Texas, Miami, Panama, Venezuela, and Spain all receiving good reviews.
- IoT Labs, Global Money One, and EVOSS are all anticipated to begin making high margin revenue contributions in the second half of 2022.
- The recently announced proposal from a third party to buy the EVOSS division, which iQSTEL declined, has alternatively resulted in the company's Independent Board of Director approving an initiate to spin off the EVOSS and to be separately listed on Nasdaq.
- iQSTEL's M&A campaign continues with a current due diligence effort underway intended to lead to the acquisition of 2,300 miles of fiberoptic network in America.
iQSTEL had the good fortune and foresight to construct a growth platform prior to the onset of the prevailing economic conditions. The company is currently enjoying strong growth and expects to continue experiencing strong growth throughout the year. When the economic cycle turns back toward growth and expansion, iQSTEL expects to be well positioned to capture market attention.
iQSTEL management still contends that the best is yet to come.
About iQSTEL Inc.:
iQSTEL Inc (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly-listed company offering leading-edge Telecommunication, Technology and Fintech Services for Global Markets, with presence in 13 countries. The company provides services to the Telecommunications, Electric Vehicle (EV), Liquid Fuel Distribution, Chemical and Financial Services Industries. iQSTEL has 4 Business Divisions: Telecom, Technology, Fintech and Blockchain, with worldwide B2B and B2C customer relations operating through its subsidiaries: Etelix, SwissLink, QGlobal SMS, SMSDirectos, IoT Labs, Global Money One and itsBchain. The Company has an extensive portfolio of products and services for its clients: SMS, VoIP, 4G & 5G international infrastructure connectivity, Cloud-PBX, OmniChannel Marketing, IoT Smart Electric Vehicle Platform, iQ Batteries for Electric Vehicles, IoT Smart Gas Platform, IoT Smart Tank Platform, Visa Debit Card, Money Remittance, Mobile Number Portability Application MNPA (Blockchain Platform) and Settlement & Payments Marketplace (Blockchain Platform).
Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
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Source: iQSTEL Inc. and its subsidiaries: www.iqstel.com
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